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Post Info TOPIC: Pre-payments on Sage
Samilou67


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Pre-payments on Sage
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I need to post prepayments for a business loan and insurance on Sage for year end, is there a simple way of doing this in Sage as I think I am trying to overcomplicate things?



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Sam
GJRobbins


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Hi

Prepayments can be maintained by the recurring journals (from the bank screen)

I am presuming insurance is paid in advance for the whole year?

If so there are a few ways of managing this - the simplest is to the invoice for the insurance straight to the prepayments nominal code in full then create a recurring journal to 'release' the monthly amount to insurance ie:

DR: Prepayments 100%
CR: Bank payments 100%

Then create a monthly recurring journal for 12 months as follows:

DR: Insurance 1/12th (monthly cost)
CR: Prepayments 1/12th (monthly cost)

This will post the insurance and reduce the prepayment amount each month.

As for the business loan - can you explain why would this repayment would need prepaying..?

HTH

Jeremy

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